Flutter reveals tumbling earnings

Profits slumped despite revenues increasing

Group revenue growth had slowed to 2% in the first seven weeks of 2022 but said this was set to pick up as the year goes on.

Paddy Power and Betfair owner Flutter Entertainment has revealed tumbling annual earnings as it was hit by a run of customer-friendly sports results, investment in its US arm and regulation changes.

The group posted a 24% slump in underlying pre-tax profits to £620m (€742m) for 2021, despite revenues rising 17% on a constant currency basis to £6bn (€7.18bn).